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Office of Planning and Budgeting

November Revenue Forecast Shows Incremental Growth

Today, the Washington state Economic and Revenue Forecast Council (ERFC) released November revenue forecast. The forecast increased projected General Fund-State (GF-S) revenue for the 2017-19 biennium by $304 million. Projected revenue collections for the 2019-21 biennium have also increased by $186 million. These new projections show a slight increase from the September revenue forecast.

Here is a quick summary of the total projected GF-S revenue for each biennium:

Final GF-S revenue collections for the 2015-17 biennium, which ended June 30, 2017, were $38.317 billion, an increase of 13.8 percent over the 2013-15 biennium ($6 million higher than what was estimated in September 2017).

$43.566 billion for the 2017-19 biennium, 13.7 percent more than the 2015-17 biennium.

$47.582 billion for the 2019-21 biennium, 9.2 percent more than the 2017-19 biennium.

Behind the numbers:

Cumulative major GF-S revenue collections from September 11, 2017 through November 10, 2017 were $119 million (3.9%) higher than forecasted in September.

Forecasted personal income in Washington is slightly higher than September.

The forecast attributes most changes in revenue to property taxes. Under legislation passed in the 2017 special sessions, property taxes for the next four years will increase by a new formula that will lead to more revenue collection.

Similar to the September forecast, concerns cited in this forecast include slow U.S. economic growth, weak labor productivity growth, and international trade concerns.

This is the last revenue forecast of the year. Governor Jay Inslee will use the November revenue forecast to craft his 2018 supplemental budget proposal (amending the 2017-19 biennial budget), which is expected to be released in December. Stay tuned to the OPBlog for updates on the Governor’s budget proposal when it is released.